Centrica Grabs Statoil North Sea Assets For $1.5B

Law360, New York (November 21, 2011, 8:43 PM EST) -- British energy giant Centrica PLC has acquired $1.5 billion of Norwegian oil and gas producer Statoil ASA's North Sea assets and signed a $20 billion 10-year gas supply deal with the company, strengthening U.K. energy security, the companies announced Monday.

Centrica, the U.K.'s second largest gas producer, reached a $1.5 billion agreement with Statoil Petroleum AS to acquire oil and gas production and development assets in the North Sea, with up to $100 million in additional payments contingent on future production performance. Through the deal, Centrica...
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